European shares gain as Genmab jumps, bond yields retreat

Business Recorder reported that European equities moved toward their highest levels in almost a week on Tuesday, with Genmab the standout performer. By 0727 GMT the pan-European STOXX 600 had gained 0.8 per cent to 638.41 points, and was on course to extend its winning run to three sessions.

Genmab rose 7.6 per cent to lead the STOXX 600 after a blood cancer treatment it developed with US drugmaker AbbVie reduced the likelihood of disease progression or death in a late-stage trial. Healthcare stocks across the region gained 1.6 per cent overall.

Euro zone bond yields eased after a sharp climb fuelled by fiscal and inflation worries, a pause following multi-decade highs hit last week. The euro stayed close to a 17-month low after Spanish Prime Minister Pedro Sanchez announced a snap election on Monday, while France's push to pass an unpopular 2027 budget aimed at cutting its deficit had triggered a bond sell-off. Investors now await euro zone retail sales and UK PMI readings later today. Italy's Technoprobe added 2.3 per cent after J.P.Morgan started coverage with an overweight rating.